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Banxico looks to reduce costs associated with foreign currency card transactions

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Banxico looks to reduce costs associated with foreign currency card transactions

Mexico's central bank has launched a public consultation on new draft rules regarding the charges and exchange rates applied by credit and debit card issuers for foreign currency payments and withdrawals.

In a statement, Banco de México said the rules aim to provide more transparency for cardholders over the exchange rate that is applied to transactions in currencies other than the Mexican peso.

In addition, the central bank is also looking to reduce exchange costs associated with foreign currency card transactions by subjecting card issuers to a lower margin than is currently allowed. The new regulations will also help facilitate access to information on exchange rates for cardholders, the bank said.

The public consultation period will run through April 20.